Posts tagged as: Hong Kong

Game of thrones in the SAR

4th November 2015

Hong Kong IPO issuance has seen healthy volumes so far this year. At US$68.3 billion, according to Dealogic, new listings on HKEx have already reached the level achieved for the entire year in 2014. The outcome of deals, however, remains heavily dependent on cornerstone investors, while oversized syndicates have sadly been back in full force since at least late spring.

RTHK 3 Radio interview (again!)

8th October 2015

I was back in Hong Kong’s Radio 3 studio for an interview about my debut thriller, “Hard Underwriting”, with anchor Noreen Mir on the lunchtime “123 Show”.

HK IPO sponsors could escape the prospectus noose

1st October 2015

As Hong Kong IPOs start to make a timid comeback after a long summer lull, I unearthed an interesting working paper entitled “IPO sponsors and prospectus liability: the bridge too far?”, published in August by the Asian Institute of International Financial Law (AIIFL) of the University of Hong Kong.

Breaking out of the Chinese box

26th August 2015

The last few months have been a bit of a roller coaster for Chinese equities, both on the mainland and in Hong Kong. The sharp volatility in the indices has frightened investors away and put a damper on primary issuance. But the bubble finally bursting is symptomatic that further changes are badly needed. These also need to be more than just skin deep.

CICC’s IPO: Swan song or new beginning?

29th July 2015

China-based investment bank China International Capital Corporation (CICC) filed the application for its proposed IPO on the stock exchange of Hong Kong on 22 July. That should put it on track for a hearing by the Listing Committee around the last week of August. But while CICC is the country’s oldest investment bank and has an impeccable pedigree, it has fallen behind new players who have been quicker to adapt to a changing marketplace, and will likely be priced at a conservative valuation.

Hong Kong doesn’t need weighted voting rights

29th June 2015

At long last, the operator of Hong Kong’s stock exchange has published conclusions to its concept paper on weighted voting rights (WVRs). Almost as soon as it did, Hong Kong’s other regulator expressed its opposition to the idea. But WVRs were always a worrying development. More urgent reforms are needed for the exchange to compare favourably with New York or London.

When a domestic rally meets an offshore discount…

1st April 2015

Just as China’s domestic markets have finally started to open up through the Shanghai-Hong Kong Stock Connect scheme, heavily discounted H-share IPOs threaten to put a damper on the attractiveness of A-shares to international investors.

All quiet on the Eastern front

3rd March 2015

There seems to be no end in sight for the Asian ECM bout of depression. Above all, it’s been a pretty miserable year so far for IPOs, in sharp contrast to new listings activity in other parts of the world.



I have set up this blog to report notable events on international IPOs.

These include particularly remarkable transactions, changes in market practice (whether pertaining to documentation, valuation or marketing techniques) and regulations, as well as appointments in the sphere of equity capital markets (ECM).

Although the blog has a bias towards the Asia-Pacific region, since this is where I am based, it is intended to be global in both its scope and outlook.

Please use the contact form above to report an IPO story or an ECM development.


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